分机型来看，Mars 系列24 年销售金额+31.2%至104.7 亿元，台量增长37.5%。Jupiter 二板机系列24 年 销售金额29.4 亿元，同比+5.2%，销售台量+12.3%，电动列销售金额19.8 亿元，同比+20.1%，台量 +30.1%，整体上看，Mars 系列在台量、金额上增速最为显著，其次为电动系列。 产能全球化布局方面，推进国内外集成供应链建设。1）公司位于塞尔维亚的工厂，定位为欧洲地区制 造中心，于2023 年4 月动工建设，目前主体工程已完工，预计2025 年将建成投入使用。2）在印度，继 古吉拉特邦之后，公司在金奈建造印度第二个生产基地，占地面积8 万平米，预计25年完成建设。3） 在日本新泻桃山制造基地，公司新建二号厂房，预计25年8 月正式投入使用。 随着全球贸易摩擦升级，率先实现产能全球化布局的企业，有望在全球竞争中获得更多市场份额。 投资建议：我们预计公司2025-2027 年分别实现营收180.4、195、221.9亿元，归母净利润34.6、38.7、 44.5 亿元，对应PE 分别为9.45/8.47/7.35 倍，首次覆盖，给予"推荐"评级。 风险提示：下游需求 ...

Core Viewpoint - The company benefits from improved profitability in cross-border e-commerce, with strong profit performance and potential for further expansion of overseas factory advantages [1] Investment Highlights - The company raises its earnings forecast and maintains a "Buy" rating, adjusting the 2025-2026 earnings expectations to EPS of 0.49/0.57 yuan (previously 0.41/0.49 yuan), and introducing a 2027 earnings forecast of 0.77 yuan. The target price is raised to 9.84 yuan based on a 20x PE for 2025, reflecting the valuation premium from the company's diversified overseas factory layout [2] - The company reports a revenue of 2.043 billion yuan in Q1 2025, a year-on-year increase of 12.31%. North American revenue reached 1.02 billion yuan, up 10.04%, with positive results in new customer development after ceasing cooperation with a major client. European revenue was 513 million yuan, growing 17.36% [2][3] - The company's proprietary brand, Mengbaihe, saw offline and online sales increase by 3.45% and 6.43% respectively, with improved losses in Shanghai Mengbaihe. Overseas online revenue surged by 64.46%, and excluding specific online businesses, the organic overseas e-commerce revenue grew over 70% [3] Cost Reduction and Efficiency Improvement - The company achieved a net profit of 58.72 million yuan in Q1 2025, a year-on-year increase of 196.22%, with a non-recurring net profit of 58.22 million yuan, up 206.80%. The gross margin was 39.37%, an increase of 0.84 percentage points, while the management expense ratio decreased to 5.96% from 7.59% in 2022. Interest expenses also fell by 23.93% [3] Overseas Capacity Advantage - The company's global capacity layout has matured, enabling localized supply and a robust channel structure overseas. The operational status of factories in the U.S. is strong, with the West Coast factory under construction and sufficient production capacity in the U.S. The trade tensions have provided opportunities for the company to enhance its market share in the U.S. [3]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index [6]. Core Views - The company achieved a revenue of 7.847 billion yuan in 2024, a year-on-year increase of 4.85%, while the net profit attributable to shareholders decreased by 6.83% to 942 million yuan [1]. - The company is expanding its production capacity both domestically and internationally, with significant projects underway in Nantong, Chongqing, and the United States, aiming for a total designed capacity of 455,400 tons [3]. - The electrolyte business faced pressure on profitability due to declining product prices, despite a substantial increase in sales volume of 66.8% year-on-year, reaching approximately 350,000 tons [3]. - The fluorochemical segment reported a revenue of 1.529 billion yuan, growing by 7.25% year-on-year, benefiting from a focus on high-end fine chemicals and fluoropolymer applications [3]. - The company’s capacitor and semiconductor chemical segments showed strong growth, with revenues of 766 million yuan and 368 million yuan, representing year-on-year increases of 21.91% and 18.35%, respectively [4]. Financial Forecasts - The company is projected to achieve revenues of 9.613 billion yuan, 11.690 billion yuan, and 13.655 billion yuan for the years 2025, 2026, and 2027, with year-on-year growth rates of 22.5%, 21.6%, and 16.8% respectively [5]. - The net profit attributable to shareholders is expected to reach 1.097 billion yuan, 1.318 billion yuan, and 1.460 billion yuan for the same years, with growth rates of 16.5%, 20.2%, and 10.8% respectively [5]. - The current price-to-earnings (PE) ratios are projected to be 24, 20, and 18 for the years 2025, 2026, and 2027 [5].